Under Section 25 of the Local Government Act 2003 there is a requirement for the Council’s Chief Financial Officer to report to Council on:

a)         the robustness of the estimates made for the purposes of the calculations of the budget; and

b)         the adequacy of the proposed financial reserves.

The Head of Financial Services may present the report and recommendations.

Council in considering its Budget should have regard to this advice.

Recommendation: That Council notes this report in setting its budget for 2020/21 and the indicative budgets for 2022/23 – 2024/25.

Council considered a report from the Head of Financial Services on the robustness of the estimates made for the purposes of the calculations of the budget; and the adequacy of the proposed financial reserves. The Head of Financial Services drew attention to the challenging financial position of the council as a result of the economic and public health impacts of the COVID-19 pandemic, with the council experiencing significant losses of income and increased expenditure resulting in a budget deficit of around £29 million against the original 2020/21 budget forecast. He highlighted the impact on the levels of the Council’s reserves and balances and contingencies.

Council noted the report and its implications in setting its budget for 2020/21and the indicative budgets for 2021 to 2024.